Orange County Bancorp, Inc. Announces Record Earnings for 2021

• Net Income for full year 2021 increased $9.6 million, or 82.1%, to a record $21.3 million
• Return on average assets for Q4 2021 rose 21 basis points, or 25.9%, year-over-year to 1.02%
• Return on average equity for Q4 2021 rose 185 basis points, or 18.1%, year-over-year to 12.08%
• Average Loans (net of PPP) for Q4 2021 increased approximately 20% year-over-year, to $1.2 billion
• Provision for loan losses of $545 thousand for Q4 2021 declined 67.7% year-over-year due to stabilizing credit trends and characteristics within the portfolio
• Average demand and money market deposits for Q4 2021 grew 25.8% year-over-year to $949.3 million
• Total Assets grew $476.1 million, or 28.6%, from year-end 2020 to $2.1 billion at December 31, 2021
• Trust and asset advisory business revenue increased 17.9% year-over-year, to $9.6 million, for year end 2021
• Book Value per Share rose $2.22, or 7.4%, to $32.43 at December 31, 2021 compared to $30.21 at December 31, 2020
• Net Tangible Book Value per Share rose $2.61, or 8.6%, to $31.18 at December 31, 2021 compared to $28.57 at December 31, 2020

MIDDLETOWN, NY / ACCESSWIRE / January 26, 2022 / Orange County Bancorp, Inc. (the "Company")(NASDAQ:OBT), parent company of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. ("HVIA"), today announced net income of $5.5 million, or $0.97 per basic and diluted share, for the three months ended December 31, 2021. This compares with net income of $3.4 million, or $0.76 per basic and diluted share, for the three months ended December 31, 2020. For the year ended December 31, 2021, net income increased by $9.6 million, or 82.1%, over the prior year, to $21.3 million, or $4.28 per basic and diluted share. This compares with net income of $11.7 million, or $2.59 per basic and diluted share, for the year ended December 31, 2020.

"Over the past several years Orange County Bancorp has strategically positioned itself as the premier business bank in the region," said Orange County Bancorp President & CEO, Michael Gilfeather. "We recognized early on that the decentralized banking model employed by many of our competitors left small and midsized businesses in the communities we serve without a true banking partner. We have sought to fill that void and I am pleased to announce our record results for the quarter and year just ended demonstrate the success of our strategy. Net income of $21.3 million in 2021 represents an increase of $9.6 million, or approximately 82%, for the year.